Updates, advisories and surprises

(8:30 PM ET) HONG KONG (MarketWatch) -- BHP Billiton
BHP, -1.08%
(AU:BHP)said Wednesday net income for the half year through Dec. 31 fell 57% to $2.6 billion, or 47 cents per share, compared to $6 billion, or $1.07 a share a year earlier. BHP, the world's largest mining company, said its revenue for the period rose 16.6% to $29.78 billion, up from $25.54 billion. The miner declared a 41 U.S. cent per share dividend, a 41% increase from the 29 cents per share it paid a year earlier.

Ace quarterly net income falls 97%

(5:30 PM ET) SAN FRANCISCO (MarketWatch) -- Ace Ltd.
ACE, +3.70%
said late Tuesday that fourth-quarter net income came in at $20 million, down 97% from a year earlier when the insurance and reinsurance company made $572 million. Earnings per common share was six cents vs. $1.69 during the fourth quarter of 2007, Ace reported. Operating income, which excludes net realized investment gains and losses, was $624 million, or $1.87 per common share, in the latest quarter. Ace was expected to make $1.85 a share, according to the average estimate of 15 analysts in a FactSet Research survey. Net realized and unrealized losses after tax from Ace's investment portfolio totaled roughly $1 billion during the latest quarter. That included $608 million of unrealized losses and $404 million of realized losses, Ace noted.

Disney CEO: Focus will be on cost to make, market DVDs

(5:04 PM ET) CHICAGO (MarketWatch) -- Walt Disney Co.
DIS, +1.43%
Chief Executive Bob Iger said Tuesday that the company will focus more heavily on the cost and marketing of DVDs to make sure the business can be viable as consumer demand changes over time. "The average DVD household in the U.S. owns about 80 DVDs already," he said during a conference call with analysts. "And the avid user has 135 to 140. So, economy or not, people potentially will be pretty selective about what [DVDs] they buy, because they probably already have a good-sized collection." Iger added that the company will continue to monitor the allocation of shelf space to DVDs at retailers like Wal-Mart
WMT, -0.37%
but Disney finds that if an "event" is created as part of the promotion of its premiere titles, consumers "are still willing" to pay premium prices for the discs, rather than "buying lots of product in discount bins."

Charges eat into Yum profit; sticks to 2009 growth target

(4:48 PM ET) CHICAGO (MarketWatch) - Charges weighed on Yum Brands in the fourth quarter as the fast-food operator reported a dip in profit for the period. After the bell Tuesday, Yum said it earned $204 million, or 43 cents a share, down from $231 million, or 43 cents, in the year-ago period. Knocking out charges, it would have earned 46 cents a share. Sales at the Louisville, Ky.-based parent of Taco Bell, Pizza Hut and KFC rose 4% to $3.38 billion. Same-store sales, or those at locations open more than a year, climbed 3% worldwide. The average estimate of analysts polled by FactSet Research had been for the company to earn 44 cents a share on revenue of $3.41 billion. Looking ahead, Yum
YUM, +0.20%
said it continues to target "at least 10%" growth in earnings per share this year.

Disney CEO: Economy is not only reason for concern

(4:45 PM ET) CHICAGO (MarketWatch) Walt Disney Co.
DIS, +1.43%
Chief Executive Bob Iger told analysts Tuesday that although the company is being impacted by "what is likely to be the weakest economy in our lifetime," it is not the only reason why Disney and other companies are seeing lower DVD sales and decreases in advertising revenue. "Competition for people's time is increasing and the abundance of choice is allowing consumers to be more selective," Iger said during a conference call after the company reported disappointing first fiscal-quarter results. "This clearly has had an impact on broadcast television and may have a long-term potential impact on the DVD business ... We don't believe the changes we are seeing in consumer behavior can all be attributed to a weak economy, and we feel it is important for us to address them as more than just cyclical issues."

Leggett & Platt posts narrower loss amid restructuring

(4:27 PM ET) SAN FRANCISCO (MarketWatch) -- Components manufacturer Leggett & Platt Inc.
LEG, -0.30%
reported late Tuesday a narrower fourth-quarter loss of $18 million, or 11 cents a share. It lost $212.6 million, or $1.21 a share, in the year-earlier period. Sales fell 15% to $882.5 million. In 2008, Leggett & Platt sold five businesses, cut spending and increased its stock dividend. The company makes components for beds, furniture, and car seats. For 2009, the manufacturer pegged earnings at 60 cents to $1 a share. It made 62 cents a share in 2008. Due to slowing demand, the company projects sales will drop by 12% to 22% to a range of $3.2 billion to $3.6 billion. Leggett & Platt shares closed Tuesday at $12.71.

MetLife quarterly net income falls 12%

(4:27 PM ET) SAN FRANCISCO (MarketWatch) -- MetLife Inc.
MET, +0.35%
said late Tuesday that fourth-quarter net income came in at $985 million, down 12% from a year earlier when the life insurance and annuity giant made $1.12 billion. Net income per common share was $1.20 vs. $1.44. Operating earnings, which exclude net realized investment gains and losses, were $148 million, or 19 cents a share, in the latest quarter. MetLife was expected to make 19 cents a share, according to the average estimate of 17 analysts in a FactSet Research survey. Total premiums, fees and other revenues climbed 11% to $32.9 billion in the latest quarter.

Unum quarterly net falls 74%; insurer cuts profit forecast

(4:15 PM ET) SAN FRANCISCO (MarketWatch) -- Unum Group
UNM, -1.20%
said late Tuesday that fourth-quarter net income came in at $41.8 million, or 13 cents a share, down 74% from a year earlier when the disability insurer made $160.5 million, or 44 cents a share. The latest results include net realized after-tax investment losses of $167.6 million, or 50 cents a share. Excluding those items and the cost of extinguishing debt, adjusted income was $209.4 million, or 63 cents a share, Unum said. The insurer was expected to make 62 cents a share, according to the average estimate of 11 analysts in a FactSet Research survey. Unum lowered its forecast for full-year 2009 operating earnings to a range of $2.45 to $2.55 a share from a previous range of $2.65 a share to $2.70 a share. Chief Financial Officer and Chief Actuary Robert Greving will retire later this year and Unum said it's looking for a replacement.

Disney profit falls 32% on lower DVD sales, ad revenues

(4:14 PM ET) CHICAGO (MarketWatch) - Walt Disney Co.
DIS, +1.43%
said Tuesday that its first fiscal-quarter profit fell 32% on lower DVD sales and a drop in advertising sales at its broadcast and cable television networks. The Burbank, Calif.-based entertainment conglomerate said it earned $845 million, or 45 cents a share, in the quarter ended Dec. 27, compared with a profit of $1.25 billion, or 63 cents a share, in the same quarter a year earlier. Disney said that excluding a gain on the sale of two Latin American pay-TV services, it would have earned 41 cents a share in the latest three months. Revenue fell 8% to $9.6 billion. On average, analysts polled by FactSet Resarch expected Disney to post a profit of 52 cents a share on revenue of $10.1 billion.

EA plans to lay off 1,100 workers and close 12 facilities

(4:12 PM ET) SAN FRANCISCO (MarketWatch) -- Electronic Arts Inc.
ERTS
said Tuesday that it plans to lay off about 11% of its workforce, or 1,100 people, in an effort to cut costs. The news was included in the video game publisher's financial results for its third fiscal quarter. EA said it is closing 12 facilities as part of the move, which is expected to result in charges between $65 million and $75 million over the next 12 months.

Electronic Arts' loss deepens in third quarter

(4:08 PM ET) SAN FRANCISCO (MarketWatch) - Electronic Arts Inc. said Tuesday that net losses grew deeper in its third fiscal quarter despite a rise in video game sales. For the quarter ended Dec. 31, EA
ERTS
reported a loss of $641 million, or $2 a share, compared to a loss of $33 million, or 10 cents a share, for the same period the previous year. Excluding charges related to stock options and other items, the company said it would have earned $179 million, or 56 cents a share, for the recent period. Total revenue rose 10% to $1.65 billion. Net revenue - which includes deferred revenue from game sales - came in at $1.74 billion. Analysts were expecting earnings of 88 cents a share on revenue of $1.9 billion, according to consensus forecasts from Thomson Reuters.

S&P 500 expected to post first-ever negative earnings

(10:46 AM ET) BOSTON (MarketWatch) -- Standard & Poor's Index Services on Tuesday said it expects the companies in the S&P 500 Index
SPX, +0.59%
to post their first-ever negative "as reported" GAAP earnings for the fourth quarter of 2008 as the economy continued to weaken. S&P said 244 issues have already reported quarterly results. "Operating earnings for the S&P 500 companies are expected to remain positive, since unusual charges (layoff provisions, write-offs, & etc.) are not included," S&P said. "However, operating earnings are expected to be the worst in over a decade." It added that reported quarterly sales are down nearly 11% while financials are set for the fifth consecutive quarter of negative earnings per share.

SanDisk losses lead weak early tech action

(9:41 AM ET) SAN FRANCISCO (MarketWatch) -- Technology lost ground in early trading Tuesday, with declines coming from bellwethers such as Microsoft Corp.
MSFT, +1.57%
Dell Inc.
DELL
and Apple Inc.
AAPL, +1.63%
The tech-heavy Nasdaq Composite Index
$COMPQ
fell 6 points to 1,486, as it was affected by the performance of SanDisk Corp.
SNDK
The flash-memory developer said late Monday that it expects its first-quarter revenue to fall below expectations and that it may hold an equity offering that could dilute its stock's value by to 20%. SanDisk shares tumbled $2.46, or 22%, to $8.80.

(9:15 AM ET) NEW YORK (MarketWatch) -- Marathon Oil
MRO, -0.71%
said Tuesday it lost $41 million, or 6 cents a share in its fourth fiscal quarter, compared to earnings of $668 million, or 94 cents a share in the year-ago period. The latest results include a non-cash $1.4 billion impairment of goodwill related to the company's Oil Sands Mining segment. Adjusted net income doubled to $1.03 billion, or $1.44 per diluted share, from $500 million, or 70 cents a share in the year-ago period. Analysts expected earnings of 91 cents a share. Separately, Marathon said it's cutting its 2009 capital spending budget by 24% to $5.7 billion. Marathon's 2008 capital spending was 5% less than the original $8 billion budget for the year.

PSEG earnings fall in quarter

(9:04 AM ET) NEW YORK (MarketWatch) -- Public Service Enterprise Group
PEG, +1.07%
said Tuesday that its fourth-quarter earnings were $234 million, or 46 cents a share, compared to $225 million, or 43 cents, in the same period a year ago. Income from continuing operations was 49 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 52 cents. For 2009 PSEG expects to earn $3.00 to $3.25 a share.

GMAC reports $7.5 billion profit in quarter

(8:19 AM ET) NEW YORK (MarketWatch) -- GMAC Financial Services said Tuesday that its fourth-quarter earnings were $7.45 billion compared to a year-ago loss of $724 million. Results in the quarter were largely driven by an $11.4 billion after-tax gain from the extinguishment of debt related to GMAC's fourth-quarter bond exchange, which was partially offset by losses in the global automotive finance and mortgage businesses. GMAC received $5 billion investment from U.S. Treasury's Troubled Asset Relief Program during the period.

Northrop Grumman swings to a loss on impairment charge

(8:17 AM ET) NEW YORK (MarketWatch) -- Northrop Grumman Corp.
NOC, +0.30%
on Tuesday posted a fourth-quarter loss from continuing operations of $2.5 billion, or $7.76 a share, driven by a non-cash, after-tax charge of $3.1 billion for impairment of goodwill. In the year-ago period, the company earned $457 million, or $1.32 a share. Adjusted earnings from continuing operations rose to $1.57 a share from $1.32 a share. Sales increased 4% to $9.2 billion. Analysts expected earnings of $1.55 a share on revenue of $8.9 billion, according to a survey by FactSet Research. Northrop expects 2009 earnings of $4.50 to $4.75 a share, compared to the Wall Street target of $5.06 a share.

Cummins fourth-quarter profit drops

(8:13 AM ET) NEW YORK (MarketWatch) -- Cummins Inc.
CMI, -1.06%
reported Tuesday a 55% fall in its fourth-quarter profit, which totaled $89 million, or 45 cents a share, from $198 million, or $1 a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of 39 cents a share. The power equipment company said fourth quarter sales fell 6% to $3.29 billion, compared to $3.52 billion in the same period in 2007.

Manpower net earnings fall 40.5% on weak demand

(8:11 AM ET) MADRID (MarketWatch) -- Employment services group Manpower, Inc.
MAN, -0.65%
on Tuesday said fourth quarter net earnings fell 40.5% on currency effects and as demand for services declined. For the quarter, net earnings fell to $79.2 million, or $1.01 per diluted share, against $133.1 million, or $1.63 in the year-ago period. Analysts had expected earnings on average of 76 cents a share, according to a FactSet Research survey. In constant currency, net earnings fell 34% in the fourth quarter. Revenue fell to $4.6 billion from $5.6 billion. The company had 47 cents per share of income in the quarter related to a business tax refund and recoverable 2005 payroll taxes in France. Also included was a reorganization charge of 35 cents per share. Net earnings were negatively impacted by 10 cents a share owing to weaker foreign currencies, the company said.

UPS earns 25 cents a share in quarter

(8:04 AM ET) NEW YORK (MarketWatch) -- UPS
UPS, +0.52%
said Tuesday that fourth-quarter earnings were $254 million, or 25 cents a share, compared to a year-ago loss of $2.64 billion, or $2.52 a share. Revenue was $12.70 billion compared to $13.39 billion a year ago. On an adjusted basis, earnings per share were 83 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 86 cents and sales of $13.28 billion. "Visibility into the future has become increasingly difficult given the enormous amount of economic uncertainty around the world," said Kurt Kuehn, UPS's chief financial officer. "Therefore, UPS will provide guidance only for the first quarter, which is earnings per share within a range of 52 cents and 68 cents."

Motorola posts loss, suspends dividend

(7:57 AM ET) WASHINGTON (MarketWatch) -- Motorola Inc.
MSI, -0.61%
on Tuesday posted a $3.6 billion loss in the fourth quarter, suspended its dividend and projected further losses in the first three months of 2009. The Schaumburg, Ill.-based vendor reported a net loss of $3.58 billion, or $1.57 a share, compared with a loss of $397 million, or 18 cents a share, in the same 2007 quarter. Revenue sank 26% to $7.14 billion, as shipments of wireless phones fell to 19.2 million from 40.9 million one year ago. Nearly all of the loss - $1.56 a share - stemmed from a variety of onetime costs, the company said. Motorola also forecast a first-quarter loss of 10 cents to 12 cents a share, excluding onetime items. Wall Street had been forecasting a loss of 6 cents a share.

ADP net income rises 3%; sticks to 2009 view

(7:54 AM ET) NEW YORK (MarketWatch) -- Automatic Data Processing Corp.
ADP, +0.03%
said Tuesday that second-quarter net income rose to $300.5 million, or 60 cents a share, from $291.2 million, or 56 cents a share in the year-ago period. Operating earnings rose to 59 cents a share from 55 cents a share. Revenue rose to $2.20 billion from $2.15 billion. Analysts expected earnings of 59 cents a share and revenue of $2.17 billion, according to a survey by FactSet Research. Looking ahead, ADP said it continues to expect 2% to 3% revenue growth, and 10% to 14% growth in diluted earnings per share from continuing operations in 2009.

IAC earns $1.57 a share in quarter

(7:52 AM ET) NEW YORK (MarketWatch) -- IAC said Tuesday that fourth-quarter earnings were $227 million, or $1.57 a share, compared to a loss of $370 million, or $2.53 a share, in the year-ago period. Revenue fell 7% to $351 million from $379 million. Earnings per share from continuing operations were $1.60 a share, compared to 2 cents a year ago. Analysts polled by FactSet Research estimated, on average, sales of $372 million. Fourth-quarter net income includes $26 million in writedowns on IAC's investment portfolio.

PNC posts loss on credit provisions

(7:44 AM ET) NEW YORK (MarketWatch) -- PNC Financial
PNC, +0.17%
which took over National City Corp last year, said its fourth quarter results swung to a loss of $248 million, or 77 cents a shares, down from a profit of $178 million, or 52 cents a share. The latest quarter included a $990 million credit loss provision, that contained $504 million related to its National City acquisition.

Merck posts earnings after year-ago loss

(7:42 AM ET) NEW YORK (MarketWatch) -- Merck & Co. Inc.
MRK, +1.85%
said Tuesday it earned a fourth-quarter profit of $1.64 billion, or 78 cents a share, compared to a loss of $1.63 billion, or 75 cents a share in the year-ago period. Adjusted earnings in the latest quarter were 87 cents a share. Worldwide sales fell 3% to $6.0 billion. Wall Street analysts expected earnings of 74 cents a share on revenue of $5.98 billion, according to a survey by FactSet Research. Merck continues to expect 2009 adjusted earnings of $3.15 to $3.30 a share, compared to the Wall Street target of $3.26 a share.

Cameron reports profit rise

(7:36 AM ET) NEW YORK (MarketWatch) -- Cameron International Corp.
CAM, -1.38%
said Tuesday its fourth-quarter net income was $149.1 million, or 67 cents a share, compared to a net income of $125.9 million, or 54 cents a share, in the year-ago period. The oil and gas service provider said its fourth-quarter 2008 results include a non-cash, after-tax charge of $16.5 million, or 8 cents a share, associated with the termination of its U.S. pension plans. Analysts surveyed by FactSet Research had estimated, on average, profit of 75 cents a share. The estimates typically exclude one-time charges. Cameron's stock was down 6.7% in pre-market trading.

D.R. Horton net loss narrows to $62.6 million

(7:36 AM ET) MADRID (MarketWatch) -- U.S. builder D.R. Horton, Inc.
DHI, -2.14%
on Tuesday reported a fiscal first-quarter net loss of $62.6 million, or 20 cents per diluted share, compared to a net loss of $128.8 million, or 41 cents per diluted share a year ago. The results included $56.2 million in pre-tax charges to cost of sales for inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that it won't pursue. A survey of analysts by FactSet Research had produced a consensus forecast of 53 cents a share. The company said homes closed totaled 4,068, versus 6,549 a year ago. The company declared a quarterly cash dividend of $37.5 cents a share. Donald R. Horton, chairman of the board, said market conditions in the industry continued to deteriorate in the first quarter. "We continue to adjust our business to the current homebuilding environment by reducing our homes under construction and our owned lot position, controlling costs and repaying debt," he said, in a press statement. He said the company plans to generate positive operating cash flow in fiscal 2009, in addition to cash provided by any federal income tax refunds.

Avon profit jumps to 54 cents a share from 30 cents year ago

(7:29 AM ET) NEW YORK (MarketWatch) -- Avon Products Inc.
AVP, +0.72%
said Tuesday its fiscal fourth-quarter profit rose to $232 million, or 54 cents a share, from $129 million, or 30 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 59 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.81 billion compared to $3.01 billion in the year-ago period, which the company said came "as the impact of a substantial shift in many foreign-currency exchange rates more than offset local-currency revenue growth of 2% year over year." The company also said it is raising its quarterly dividend 5% to 21 cents a share, payable March 2 to shareholders of record Feb. 17. Avon Chief Executive Andrea Jung said 2009 "will be a challenging year."

Entergy Corp. net income falls 12%

(7:27 AM ET) NEW YORK (MarketWatch) -- Entergy Corp.
ETR, +0.50%
said fourth-quarter net income fell 12% to $170.6 million, or 89 cents per share, from $193.9 million, or 96 cents a share in the year-ago period. Operating earnings for the three months ended Dec. 31 dropped to 99 cents a share from $1.12 a share. Revenue rose to $3 billion from $2.7 billion. Analysts expected earnings of $1.02 a share on revenue of $2.9 billion. The company expects 2009 operating earnings of $6.70 to $7.30 a share, compared to the Wall Street estimate of $7.19 a share. Entergy said it's moving ahead with its plan to spin off its nuclear business under the name Enexus. "Due to the continued turmoil in the financial markets and a longer regulatory approval process than originally expected, Entergy and Enexus remain in a rolling readiness posture," Entergy said. "This strategy enables Entergy to execute the spin-off following receipt of regulatory approvals and once the timing is right to access the credit markets, both on acceptable terms."

Wisconsin Energy profit up 6.5%

(7:26 AM ET) LONDON (MarketWatch) -- Wisconsin Energy Corp.
WEC, +1.22%
said Tuesday that its fourth-quarter net profit rose 6.5% to $100.4 million, or 85 cents a share, from $94.3 million, or 80 cents a share, a year earlier. Revenue for the quarter rose 4.5% to $1.2 billion. The electricity and gas provider had been expected to report earnings of 72 cents a share, according to a FactSet survey of 10 analysts. The company said its profits were helped by strong cost controls and high demand for natural gas due to the cold winter weather.

CME Group earnings per share fall 75%

(7:23 AM ET) NEW YORK (MarketWatch) -- CME Group Inc.
CME, +0.37%
said Tuesday that fourth-quarter earnings were $62 million, or 93 cents a share, compared to $201 million, or $3.75 a share, in the year-ago period. Revenue rose to $692 million from $530 million. Analysts polled by FactSet Research estimated, on average, earnings per share of $3.55 and sales of $698 million. CME took a pre-tax, non-cash impairment charge of $275 million in the quarter on its cross-equity investment in BM&F Bovespa SA.

MarineMax loss widens, same-store sales drop 52%

(7:16 AM ET) LONDON (MarketWatch) -- Recreational boat and yacht retailer MarineMax Inc.
HZO, +2.86%
said Tuesday that its fiscal first-quarter net loss widened to $14.3 million, or 78 cents a share, from $6.4 million, or 35 cents a share, a year earlier. Revenue for the quarter dropped 53% to $100.2 million. Same-store sales for the quarter fell 52%. Analysts polled by FactSet were expecting the company to report a loss of 67 cents a share. MarineMax said it continued to streamline costs by reducing all major categories of expenses and closing five more stores.

Celanese swings to a loss as revenue falls 27%

(7:14 AM ET) NEW YORK (MarketWatch) -- Celanese
CE, -0.52%
reported a fourth-quarter loss of $159 million, or $1.12 a share, compared to net income of $214 million, or $1.27 a share in the year-ago period. Adjusted loss for the three months ended Dec. 31 was 38 cents a share. Revenue fell 27% to $1.29 billion. Wall Street analysts expected earnings of 10 cents a share and sales of $1.26 billion, according to a survey by FactSet Research. Looking ahead, Celanese said it's engineering cost reductions of $100 million to $120 million a year. "With the current global economic recession and continued weak consumer demand, we would expect volumes to remain under pressure in 2009." The chemical maker will "adjust staffing with the short-term demand environment."

Schering-Plough swings to $442 mln. fourth-quarter profit

(7:09 AM ET) LONDON (MarketWatch) -- Schering-Plough Corp.
SGP, -0.06%
on Tuesday reported fourth-quarter net income of $442 million, or 27 cents a share, compared to a net loss of $3.4 billion, or $2.08 a share, in the same quarter the previous year. On an adjusted basis, the Kenilworth, N.J.-based drug maker reported profit of $633 million, or 39 cents a share, compared to $442 million, or 27 cents a share in the fourth quarter of the previous year. A survey of analysts by FactSet Research had produced a consensus forecast of 30 cents a share. Fourth-quarter net sales rose 17% to $4.3 billion, the company said, including a 6% hit from an unfavorable foreign-exchange impact and the inclusion of net sales from Organon BioSciences, acquired in November 2007.

Emerson profit falls 19%, underlying sales hold steady

(7:04 AM ET) LONDON (MarketWatch) -- Emerson
EMR, -0.19%
said Tuesday that its fiscal first-quarter net profit fell 19% to $458 million, or 60 cents a share, from $565 million, or 71 cents a share, a year earlier. Revenue for the quarter slipped 2% to $5.42 billion from $5.52 billion. Analysts polled by FactSet had on average been expecting earnings of 59 cents a share for the quarter. The group said underlying sales were broadly flat overall, but were down around 7% in the U.S. The group said its process management unit saw sales rise 8% in the period, while sales in its climate technologies division fell 10%. For 2009 Emerson expects to report earnings of $2.70 to $2.95 a share, with underlying sales falling between 3% and 6%. Analysts are expecting 2009 earnings of $2.79 a share.

Myriad Genetics swings to profit

(6:52 AM ET) LONDON (MarketWatch) -- Myriad Genetics Inc.
MYGN, +2.41%
said Tuesday that it swung to a fiscal second-quarter profit of $21.2 million, or 43 cents a share, from a loss of $5.1 million, or 11 cents a share, a year earlier. The group said a major contributor to the performance was its molecular diagnostics division, which improved its net operating margin to 51% from 29% a year earlier. Revenue for the quarter rose 49% to $84.4 million from $56.7 million. Analysts polled by FactSet had been expecting earnings of 31 cents a share.

Dow Chemical swings to $1.55 billion loss

(6:37 AM ET) LONDON (MarketWatch) -- The Dow Chemical Co.
DOW, +0.49%
swung to a $1.55 billion loss in the fourth quarter and said low demand will continue "for several quarters and possibly beyond." The Midland, Mich. firm lost $1.68 a share during the quarter, of 62 cents a share when excluding items. Sales fell 23% to $10.9 billion, with prices falling 6% and volume dropping 17%. Analysts polled by FactSet expected a profit of 15 cents a share.

Teppco Partners net off 24%, revenue down 23%

(6:33 AM ET) TEL AVIV (MarketWatch) -- Teppco Partners LP,
TPP, -2.22%
the Houston energy-logistics partnership, reported that fourth-quarter net income fell 24% on 23% lower revenue. Earnings were $34.7 million, or 28 cents a unit, compared with $45.6 million, or 42 cents, in the year-earlier quarter. Special items cut 18 cents a share from the latest profit figure. Units outstanding rose 16% to 104.6 million. Revenue fell to $2.34 billion from $3.05 billion. A survey of analysts by FactSet Research produced a consensus estimate of 47 cents of profit for the quarter.

Lufthansa raises 2008 operating profit forecast

(6:13 AM ET) LONDON (MarketWatch) -- Deutsche Lufthansa(DE:823212), Europe's second-largest airline, on Tuesday raised its operating-profit guidance for the year, saying that the fourth quarter had been more stable than initially expected. The airline now anticipates a 2008 operating profit of 1.3 billion euros compared to an earlier forecast of 1.1 billion euros. It said that lower sales in the fourth quarter were offset by lesser costs, partly as a result of the decline in the oil price. Still, the airline said that overall demand is persisting at lower levels and that further business development is afflicted by "significantly higher than usual risks."

Tyco International profit drops 24%, but tops estimates

(6:09 AM ET) LONDON (MarketWatch) -- Tyco International
TYC, +74.50%
the Bermuda conglomerate, said fiscal first-quarter net income dropped 24% to $277 million, or 58 cents a share, with revenue down 8% to $4.43 billion as the U.S. dollar strengthened. From continuing operations before items, Tyco said its profit dropped 14% to 61 cents a share. Analysts polled by FactSet expected earnings of 48 cents a share.

Imperial Tobacco trading in line with group expectations

(2:40 AM ET) LONDON (MarketWatch) -- Imperial Tobacco Group(UK:IMT)said Tuesday that its overall performance and financial position so far in the fiscal year ending Sept. 30 remains in line with management expectations. The group said it made further cigarette share gains in a number of mature European markets and emerging markets, but added its cigar and non-tobacco logistics businesses have been impacted by the economic downturn. Imperial Tobacco also said that if the current foreign exchange rates persist they will have an overall positive impact on 2009 results.

Ninety Nine Cents Only suspends plan to end Texas business

(2:31 AM ET) TEL AVIV (MarketWatch) - Ninety Nine Cents Only Stores Inc.,
NDN
the City of Commerce, Calif., discount retailing chain, suspended a plan to close its operations in Texas and rejected a plan by its chairman to buy them. Instead, the company plans to close a third of its 46 stores in the state by the end of its fiscal year, March 28, and then monitor the remaining operations. The move comes in light of an 8.6% rise in comparable-store sales for the four weeks ended Jan. 24, 99 Cents Only Stores said in a statement late on Monday. It also will continue to operate its Texas distribution center to support the remaining stores. "It is too early to tell what the current sales results could mean in terms of Texas financial results and return on investment," the company statement said. "Although management is unsure how strongly the challenging economy may affect sales trends in Texas, it does believe 99 Cents Only Stores, similar to other value-focused consumer businesses such as Wal-Mart
WMT, -0.37%
and McDonald's,
MCD, +0.67%
is well positioned to benefit from the recessionary economy." Ninety Nine Cents Only Stores expects to report earnings for the third quarter ended Dec. 27 after the market closes on Wednesday.

UPDATE: BP swings to $3.3 billion quarterly loss

(2:22 AM ET) LONDON (MarketWatch) -- BP
BP, -0.50%
(UK:BP), the oil major, swung to a $3.3 billion fourth-quarter loss as the oil price drop took a bit hit on inventories it hasn't yet sold. Replacement cost profit, which strips out energy price changes on unsold inventories, dropped 24% to $2.6 billion. Production edged up 1% to 3.95 million barrels of oil equivalent. BP also noted a net $900 million of one-time charges, which arose from the unprecedented volatility of oil prices and exchange rates during the fourth quarter. Analysts were looking for an adjusted profit of $3 billion. BP said it's likely to exceed the 5,000-person job reduction target by the middle of 2009 and said 2009 cashflows will balance at an oil price of between $50 and $60 a barrel. (Updates with analyst estimates, BP commentary.)

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